Retirement Planning

Whether you’re just starting to plan for retirement or seeking to optimize your portfolio and finances during your retirement years, we’re here to assist every step of the way. Our goal is to help you make the most of the years leading up to and throughout your retirement.

We use our expertise in financial planning, wealth management, and retirement planning to help you maximize your income so you can live a comfortable lifestyle while guiding you in achieving your estate planning and legacy goals.

Pre-retirement Planning

We refer to the ‘accumulation phase’ as the period of time in your life where you are working and making retirement plan contributions. Some of the ways we help our clients prepare for retirement in this phase include:

• Retirement goals assessment: Helping clients define their retirement goals, including desired lifestyle, retirement age, and income needs.
• Retirement savings strategy: Developing and optimizing a plan to build sufficient retirement savings, including contributions to retirement accounts such as 401(k)s, IRAs, and other investment vehicles
• Cash flow analysis: Creating a pre-retirement cash flow projection to check whether spending can align with income and savings goals..
• Investment strategy and management: Reviewing investments and making adjustments as needed to ensure you’re on track to meet your desired retirement lifestyle.
• Income projections: Estimating future retirement income based on savings, investments, Social Security, 401(k)s, IRAs, pensions, and other sources.
• Pension planning: Assisting with choices regarding Company Defined Benefit Plans, Washington State Teachers/PERS Retirement pension options, TIAA-CREF 403(b) retirement options, FRS/Firefighters pension options, and military retirement options.
• Social Security planning: Advising on the optimal time to begin Social Security benefits to maximize lifetime income and align with retirement plans.
• Insurance planning: Preparing for future healthcare and insurance needs, including understanding Medicare options, long-term insurance coverage, and life insurance based on your needs.

Retirement Management

Once you are actively in retirement, we provide ongoing support with tailored investment advisory solutions to optimize the “decumulation” phase along with additional guidance including:

• Income planning: Structuring withdrawals from retirement accounts to ensure a steady and sustainable income throughout retirement, including ensuring RMDs are taken as needed.
• Investment strategy and management: Managing investments and adjusting portfolio to balance risk and growth, focusing on income generation and capital preservation as needed.
• Withdrawal strategy: Implementing a strategy for withdrawing funds from retirement accounts to balance income in a sustainable and tax-efficient manner.
• Social Security optimization: Strategizing the best time to claim Social Security benefits to maximize lifetime payouts for clients and their spouses.
• Estate and legacy planning: Assisting with wills, trusts, and other estate planning tools to ensure assets are distributed according to the client’s wishes and to minimize estate taxes.
• Cash flow planning: Creating and updating cash flow projections to ensure that portfolio income and other income sources will cover necessary expenses and lifestyle goals.
• Lifestyle planning: Determining how to align retirement savings with desired retirement goals, such as travel, hobbies, or relocation.
• Risk management: Assessing and mitigating risks related to inflation, market volatility, and unexpected expenses.

Tax & Estate Planning before and throughout retirement

Whether you’re in the pre-retirement planning phase or already retired, we are also happy to help you with:

• Tax planning: Mapping out and implementing strategies to minimize tax liability in retirement, including tax-efficient withdrawals and managing pre-tax and after-tax retirement accounts.
• Estate planning: Establishing or updating wills, trusts, and other estate planning documents to ensure that assets are managed and transferred according to the client’s wishes.

At Financial Insights Wealth Management, we know how important it is to feel confident about your ability to have a sustainable income and be able to achieve your financial goals in retirement. We are realistic in our expectations, practical in our approach and never try to pigeonhole you into a preconceived plan. Let us help you realize a retirement plan you can enjoy.

To start the conversation with one of our financial advisors in Tacoma, WA and see if we’d be a good fit, please fill out our Wealth Planning Worksheet and schedule your initial free consultation here.